VelaFi provides cross-border payment services to registered businesses. Before applying, please confirm your business meets the requirements below. If you're unsure, your VelaFi contact can help.
Countries we can't serve
We can't onboard businesses that are registered in, operate substantially from, or are ultimately owned by individuals in the following sanctioned countries and regions:
Cuba, Iran, North Korea (DPRK), Russia, Crimea, Donetsk, Luhansk, Belarus, Venezuela, Myanmar, Afghanistan, Yemen, Somalia, Zimbabwe, Nicaragua, South Sudan, Central African Republic, Lebanon, Iraq, Libya, Syria.
This list follows international sanctions and is reviewed regularly.
Industries we can't serve
We don't onboard businesses whose primary activity falls into any of these categories:
- Weapons, firearms & security logistics
- Jewelry & precious gems
- Tobacco, CBD & narcotics-related products
- Counterfeit goods, replicas & IP-infringing products
- Radioactive materials
- Luxury goods & artwork trading
- Adult / pornographic / obscene content
- Governments, charities / NGOs & embassies
- Oil, gas & mining
- Cash-intensive businesses
- Pawnshops & real-estate agents
- Healthcare & insurance providers
Industries we support — with the right license
Two regulated industries are supported, provided you hold the required license or registration in your country of operation.
Regulated financial & money services
The license you'll need depends on your specific activity.
Cross-border payments, money transmission & FX — our most common clients Any valid money-services license works: an MSO, MTL, PSP/EMI, or the local equivalent in any country. The same applies to virtual banks, stablecoin issuers, and TCSPs holding a valid financial license in their jurisdiction.
Microlending Requirements are country-specific:
| Country | What's required |
|---|---|
| Mexico | SOFOM, or registration under Vulnerable Activities |
| Colombia | SAGRILAFT |
| Peru | SBS registration |
| Argentina | PNFC registration with the BCRA (commitment to apply within 120 days of the next fiscal year) + immediate UIF registration |
| Brazil | Not currently accepted |
Crypto / virtual-asset exchanges A local company needs the local registration; a foreign company needs a valid VASP license in its own jurisdiction.
| Country | Local company | Foreign company |
|---|---|---|
| Mexico | Vulnerable Activities registration | Valid VASP license |
| Colombia | SAGRILAFT | Valid VASP license |
| Peru | SBS registration (VASP category) | Valid VASP license |
| Brazil | On the central bank's VASP application shortlist | Valid VASP license |
| Argentina | Argentina VASP registration (required in all cases) | Argentina VASP registration (required in all cases) |
Gambling & gaming
| Country | What's required |
|---|---|
| Brazil | Federal license (a state license requires a legal opinion) |
| Mexico | SEGOB registration (Vulnerable Activity) |
Operating in a licensed industry? You'll also need to submit extra documents at onboarding — see How onboarding works & what you'll need.